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IIB challenge to dual regulation

Rules forcing IFAs selling general insurance products to submit to dual regulation by the FSA and the General Insurance Standards Council are to be challenged at the Competition Commission Appeal Tribunal.

The appeal, by the Institute of Insurance Brokers and the Association of British Travel Agents, challenges the GISC&#39s controversial rule 42F, which forces general insurance providers to do business only with intermediaries who are GISC members. The challenge will be heard on July 20 and a decision is expected around a month later which this could leave less than two weeks until the deadline.

If the appeal fails, IFAs selling waiver of premium or PMI will have to submit to dual regulation. It will also affect mortgage brokers, who are obliged to advise on redundancy cover.

Swiss Re technical manager Ron Wheatcroft says: “This could throw everything up in the air. We are still optimistic that the question can be solved. We are looking for an amendment to the FSA rules to allow products which are in effect part of a package, such as employment cover, to be legally recognised as such.”

IFA Roger Sanders Associates principal Roger Sanders says: “This is a real saga and I wish someone, probably the FSA, would get all the interested parties together to hammer out where control and responsibilities for the FSA and the GISC begin and end. It is all getting very silly.”

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